hi guys, I attended the meeting this morning. couple of points :...

hi guys,

I attended the meeting this morning.

couple of points :

Chines growth still strong
Fundamentals of project are still strong.
Guilio predicts that high cost low % producers will not survive.
2015 will be about conserving cash and protecting the asset, weathering the storm as he would put it. Conserve cash so they will not need to capital raise until 2016. Funding to be sorted by end of 2015. The conventions expire in June 2015 but they have already spoken to govt about extending to Sept 2015. they meet with the govt every 6 weeks to discuss.
They chose Mota-engil over the chinese bid as Mota could guarantee the work (price I assume). The cost (assume it was lower than the Chinese) and the ability to draw finance with the Mota build as companies who arrange the debts will look at who is involved with the build etc.
3.5 years to build and the first shipment in 2019.

George stepped down and Wal has taken over.

my investment has been smashed so I won't be selling any time soon. Hopefully they can turn it around with Wal at the helm. I personally did not take too much confidence from the meeting.

PS : Is it normal to have 2 burly security guards at a AGM? did they think things would out of hand??? one punter def was not happy with Wal....he was quickly asked to stop talking and had the microphone taken off him.